Are We Heading For Another Oil Boom?
Black Gold in demand, China leading the way with 6.63 million barrels of oil per day in January
With positive trade data news coming from China, oil prices have begun to steadily climb again as the data increased hopes for a stronger demand for ‘Black Gold’ from the world's largest energy consumer.
As the U.S. economy also pushes towards resurgence, their ‘energy boom’ is fuelling stunning production growth for their local energy companies.
It's enabling companies from the U.S. to thrive at a time where production growth from global economies was seen during January to be somewhat weaker than expected. US crude inventories rose by 3.3 million barrels, slightly more than expected, in recent weeks.
China's trade surplus pushed forward in January 2014, with exports jumping just over 10 per cent and imports just under 10 per cent.
China imported a record 6.63 million barrels of crude oil per day in January, up just over 5 per cent from December 2013.
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Hexagon Capital Management